{"id":49267,"date":"2018-03-27T11:11:00","date_gmt":"2018-03-27T15:11:00","guid":{"rendered":"https:\/\/prefblog.com\/?p=49267"},"modified":"2025-08-13T11:11:55","modified_gmt":"2025-08-13T15:11:55","slug":"march-27-2018","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=49267","title":{"rendered":"March 27, 2018"},"content":{"rendered":"

Which way is the wind blowing? It looks like the world’s about to end again<\/a>:<\/p>\n

\n

A selloff in technology shares sent U.S. equity benchmarks lower, with losses accelerating late in the day. Bonds surged on demand for safe havens, pushing the yield on 10-year Treasuries below a key level.<\/p>\n

Trade angst weighed on leading tech companies with the Nasdaq 100 Index erasing most of Monday\u2019s gain after a report the Trump administration is considering a crackdown on Chinese investments in technologies the U.S. considers sensitive. Facebook\u2019s woes mounted and Nvidia Corp. spooked investors in chipmakers. The Chicago Board Options Exchange Volatility Index — Wall Street\u2019s fear gauge — spiked. <\/p>\n

The equity selling bled into the Treasury market, sending the 10-year yield below 2.8 percent as investors sought havens.
…<\/b>
\u2022The S&P 500 slumped 1.7 percent as of the close of trading in New York.
\n\u2022The Nasdaq 100 Index fell 3.3 percent, while the Dow Jones Industrial Average slipped 1.4 percent.<\/p>\n

…<\/b>
\u2022The yield on 10-year Treasuries declined eight basis points to 2.77 percent.<\/p>\n<\/blockquote>\n

I hadn’t realized that some US public employee pension funds were so grossly underfunded<\/a>:<\/p>\n

\n

The state hasn’t done a particularly good job running public pensions. According to S&P Global Ratings, New Jersey’s pension funding ratio is the worst in the nation, having saved enough to cover about 31 percent of the benefits that have been promised. The police and fire system is relatively strong by comparison, with about 65 cents for every dollar it’s on the hook for down the road, according to NJ.com.
…<\/b>
States and municipalities from coast to coast are now living with the consequences of the 1990s tech boom, which brought public pension funding levels to 100 percent and allowed politicians to sweeten the pot for union members.<\/p>\n

The subsequent bust — and the Great Recession a few years after that — took its toll on the funds backing those promised benefits. The aggregate state and local government pension funding ratio is now 73 percent, up from 67 percent at year-end 2016, according to Patrick Luby of CreditSights, who cites Federal Reserve data.<\/p>\n<\/blockquote>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.6287 %<\/td>\n3,006.6<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.6287 %<\/td>\n5,516.9<\/td>\n<\/tr>\n
Floater<\/td>\n3.32 %<\/td>\n3.49 %<\/td>\n106,641<\/td>\n18.53<\/td>\n4<\/td>\n-0.6287 %<\/td>\n3,179.4<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2114 %<\/td>\n3,160.9<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.70 %<\/td>\n4.16 %<\/td>\n59,533<\/td>\n3.25<\/td>\n5<\/td>\n-0.2114 %<\/td>\n3,774.8<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.2114 %<\/td>\n2,945.3<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.62 %<\/td>\n4.48 %<\/td>\n79,223<\/td>\n0.09<\/td>\n11<\/td>\n0.2051 %<\/td>\n2,840.3<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.39 %<\/td>\n5.50 %<\/td>\n80,902<\/td>\n14.61<\/td>\n23<\/td>\n0.0075 %<\/td>\n2,913.9<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.31 %<\/td>\n4.68 %<\/td>\n174,437<\/td>\n5.87<\/td>\n104<\/td>\n-0.0931 %<\/td>\n2,502.4<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.20 %<\/td>\n5.79 %<\/td>\n89,162<\/td>\n5.70<\/td>\n28<\/td>\n0.1157 %<\/td>\n2,903.8<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.96 %<\/td>\n3.14 %<\/td>\n35,765<\/td>\n3.63<\/td>\n10<\/td>\n-0.0664 %<\/td>\n2,755.7<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
BAM.PF.G<\/td>\nFixedReset<\/td>\n-2.87 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-03-27
\nMaturity Price : 22.55
\nEvaluated at bid price : 23.02
\nBid-YTW : 5.27 %<\/td>\n<\/tr>\n
HSE.PR.C<\/td>\nFixedReset<\/td>\n-2.80 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-03-27
\nMaturity Price : 23.60
\nEvaluated at bid price : 23.96
\nBid-YTW : 5.35 %<\/td>\n<\/tr>\n
MFC.PR.B<\/td>\nDeemed-Retractible<\/td>\n-1.63 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.15
\nBid-YTW : 7.64 %<\/td>\n<\/tr>\n
MFC.PR.G<\/td>\nFixedReset<\/td>\n-1.44 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.96
\nBid-YTW : 5.12 %<\/td>\n<\/tr>\n
IFC.PR.C<\/td>\nFixedReset<\/td>\n-1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.06
\nBid-YTW : 5.37 %<\/td>\n<\/tr>\n
MFC.PR.M<\/td>\nFixedReset<\/td>\n1.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.39
\nBid-YTW : 5.46 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
BNS.PR.R<\/td>\nFixedReset<\/td>\n78,400<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.01
\nBid-YTW : 4.11 %<\/td>\n<\/tr>\n
GWO.PR.I<\/td>\nDeemed-Retractible<\/td>\n71,659<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.02
\nBid-YTW : 7.55 %<\/td>\n<\/tr>\n
NA.PR.E<\/td>\nFixedReset<\/td>\n65,928<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-03-27
\nMaturity Price : 23.03
\nEvaluated at bid price : 24.65
\nBid-YTW : 4.67 %<\/td>\n<\/tr>\n
TD.PF.D<\/td>\nFixedReset<\/td>\n59,221<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-03-27
\nMaturity Price : 23.22
\nEvaluated at bid price : 24.30
\nBid-YTW : 4.82 %<\/td>\n<\/tr>\n
SLF.PR.A<\/td>\nDeemed-Retractible<\/td>\n52,722<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.97
\nBid-YTW : 7.04 %<\/td>\n<\/tr>\n
GWO.PR.Q<\/td>\nDeemed-Retractible<\/td>\n50,600<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.82
\nBid-YTW : 6.02 %<\/td>\n<\/tr>\n
There were 28 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
BAM.PF.G<\/td>\nFixedReset<\/td>\nQuote: 23.02 – 23.83
\nSpot Rate : 0.8100
\nAverage : 0.4832<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-03-27
\nMaturity Price : 22.55
\nEvaluated at bid price : 23.02
\nBid-YTW : 5.27 %<\/td>\n<\/tr>\n

HSE.PR.C<\/td>\nFixedReset<\/td>\nQuote: 23.96 – 24.78
\nSpot Rate : 0.8200
\nAverage : 0.5512<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-03-27
\nMaturity Price : 23.60
\nEvaluated at bid price : 23.96
\nBid-YTW : 5.35 %<\/td>\n<\/tr>\n

TRP.PR.F<\/td>\nFloatingReset<\/td>\nQuote: 20.28 – 21.70
\nSpot Rate : 1.4200
\nAverage : 1.2058<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2048-03-27
\nMaturity Price : 20.28
\nEvaluated at bid price : 20.28
\nBid-YTW : 3.70 %<\/td>\n<\/tr>\n

MFC.PR.B<\/td>\nDeemed-Retractible<\/td>\nQuote: 21.15 – 21.63
\nSpot Rate : 0.4800
\nAverage : 0.3006<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.15
\nBid-YTW : 7.64 %<\/td>\n<\/tr>\n

CCS.PR.C<\/td>\nDeemed-Retractible<\/td>\nQuote: 23.16 – 23.70
\nSpot Rate : 0.5400
\nAverage : 0.3612<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.16
\nBid-YTW : 6.37 %<\/td>\n<\/tr>\n

GWO.PR.I<\/td>\nDeemed-Retractible<\/td>\nQuote: 21.02 – 21.44
\nSpot Rate : 0.4200
\nAverage : 0.2439<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 21.02
\nBid-YTW : 7.55 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Which way is the wind blowing? It looks like the world’s about to end again: A selloff in technology shares sent U.S. equity benchmarks lower, with losses accelerating late in the day. Bonds surged on …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-49267","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49267","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=49267"}],"version-history":[{"count":1,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49267\/revisions"}],"predecessor-version":[{"id":49268,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/49267\/revisions\/49268"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=49267"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=49267"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=49267"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}